Credit: Build It + Track It

Having a credit card is easy - but maintaining it is not always as simple. Check out a few of our tips on how you can build and track your credit score.

Always Pay On Time

This seems like a no-brainer, but you’d be surprised by how often it plays a role in affecting your credit score. It’s the easiest way to build your score, and paying more than the minimum amount required helps pay back those loans even faster. 

Lower Credit Utilization

Otherwise known as your Credit Utilization Rate, you calculate it by dividing the total amount on all of your credit cards by your total available credit. If you’re using more than 30% of your available credit, it can hurt your credit score.

Keep Accounts Open

Keeping your accounts open and in good standing helps you to have an easier time being approved for new loans or credit in the future. Using the card occasionally, even for something as small as filling your gas tank, and then paying it back off, is an easy way to keep it active and help maintain your credit.

Track Your Credit Score

It's essential to check your credit score frequently. There are several credit monitoring apps available that make it easy for you to stay on top of your score. Consistent monitoring can help you have a better idea of your current credit position, as well as understand what lenders are seeing.

How Often You Should Check Your Score

It is suggested that you check your credit score a minimum of once a year, but many experts recommend checking it monthly. Due to the COVID-19 pandemic, Experian, Equifax, and TransUnion are all offering free weekly credit reports through April of 2022 via www.annualcreditreport.com.

With how easy and convenient it is to track your credit these days, there is no good reason why you shouldn’t be taking advantage of the resources available in order to help build your score as much as possible. Get building!